Hi Traders,
The Pound (now at 1.4025) dived as predicted in my previous newsletter. Unless a surprises rally to 1.45 occurs, it is now supposed to bounce back to 1.41 before resuming the major downtrend.
ELLIOTT WAVES
The monthly chart reveals that the Cable is performing a huge a-b-c where wave-c is made of 5 waves down. Four of these waves are already fully deployed. The making of the fifth wave has just started.
The weekly chart displays the end of major-wave-4 but it also shows that the theoretical target is 1.45. This is one of the two reasons why I said that a last minute "surprise rally" is still possible. The second reason is that the wave count actually allows it.
The daily and the 4-hours charts display four small waves down from the top at 1.4350.
The 4-hours and the 1-hour charts suggest a limited rebound to 1.407-1.410 before resuming the downtrend.
The 4-hours and the 1-hour charts suggest a limited rebound to 1.407-1.410 before resuming the downtrend.
Monthly chart, click to enlarge
Weekly chart, click to enlarge
Daily chart, click to enlarge
4-hours chart, click to enlarge
1-hour chart, click to enlarge
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